AB Commercial Real Estate Private Debt Fund, LLC

CIK:0001876255|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net interest income
Interest income net of amortization/accretion	$ 24,486	$ 19,652	$ 45,425	$ 36,667
Interest expense	(14,031)	(10,668)	(26,186)	(20,452)
Net interest income	10,455	8,984	19,239	16,215
Provision for credit losses	(2,687)	(371)	(3,750)	(385)
Net interest income after provision for credit losses	7,768	8,613	15,489	15,830
Operating Expenses:
Management fees	1,648	1,203	3,075	2,424
Incentive fees	189	502	277	672
Professional fees	330	320	782	622
Administration and custodian fees	580	480	1,126	923
Other expenses	3	2	15	13
Total operating expenses	2,750	2,507	5,275	4,654
Other Income:
(Loss) income from equity method investments	(698)	(235)	(1,415)	(916)
Impairment of equity method investments	0	(507)	0	(507)
Other income (loss)	362	655	670	1,336
Total Other (Loss) Income	(336)	(87)	(745)	(87)
Net realized and unrealized gain (loss) on securities:
Unrealized gain (loss) from commercial debt securities	22	0	(2)	0
Net realized and unrealized gain (loss) on securities:	22	0	(2)	0
Net Income (Loss)	$ 4,704	$ 6,019	$ 9,467	$ 11,089
Net income per unit (basic and diluted)
Net income per unit, Basic	$ 0.09	$ 0.17	$ 0.2	$ 0.31
Net income per unit, Diluted	$ 0.09	$ 0.17	$ 0.2	$ 0.31
Weighted average units outstanding, Basic	49,980,026	36,516,880	46,251,965	36,458,237
Weighted average units outstanding, Diluted	49,980,026	36,516,880	46,251,965	36,458,237

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net Income	$ 9,467	$ 11,089
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of net loan fees and discount/premiums on loans receivable	(2,785)	(1,887)
Loss (income) from equity method investments	1,415	916
Impairment of equity method investments	0	507
Distributions of earnings from equity method investments	0	718
Amortization of deferred financing costs	1,559	926
Provision for credit losses	3,750	385
Unrealized (gain) loss from commercial debt securities	2	0
Increase or decrease in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	(572)	1,554
(Increase) decrease in other assets	(14)	(46)
Increase (decrease) in management fees payable	3,075	(42)
Increase in accounts payable and accrued expenses	1,254	822
Increase (decrease) in related party payables and accrued expenses	675	(493)
Decrease in reimbursement payable	0	(168)
Increase (decrease) in incentive fees payable	277	(479)
Increase (decrease) in other liabilities	551	313
Net cash provided by (used in) operating activities	18,654	14,115
Cash flows from investing activities
Origination and purchase of mortgage loan receivables	(462,872)	(355,516)
Origination and other fees received on loans receivables	5,063	0
Repayment of mortgage loan receivables	159,467	261,858
Subsequent draws on mortgage loan receivables	(13,541)	(6,333)
Origination of commercial debt securities	(10,000)	(5,006)
Repayments of commercial debt securities	44	0
Contributions to equity method investments	(617)	0
Distributions from equity method investments in excess of earnings	1,048	1,747
Net cash provided by (used in) investing activities	(321,408)	(103,250)
Cash flows from financing activities
Issuance of common units	75,198	6,098
Capital received in advance	0	50,804
Redemption of common units	(5,583)	(7,011)
Distributions paid	(11,601)	(16,279)
Credit facility borrowings	367,500	332,200
Credit facility paydowns	(290,000)	(250,200)
Repurchase agreement borrowings	275,162	204,771
Repurchase agreement paydowns	(112,988)	(70,491)
Notes payable paydowns	0	(55,250)
Deferred financing costs paid	(2,169)	(1,645)
Net cash provided by (used in) financing activities	295,519	192,997
Net decrease in cash and cash equivalents	(7,235)	103,862
Cash and cash equivalents, beginning of period	21,324	10,913
Cash and cash equivalents, end of period	14,089	114,775
Supplemental financing activities
Cash paid during the period for interest	24,987	19,577
Supplemental disclosure of noncash financing activities:
Redemptions payable	8,541	3,608
Distributions declared	8,138	0
Dividends reinvested	$ 4,312	$ 0

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	$ 1,422,223	$ 1,107,555
Allowance for credit losses	(8,189)	(4,439)
Commercial debt securities, at fair value (cost of $ $17,656 and $7,700, respectively)	17,671	7,716
Equity method investments	43,639	45,486
Cash and cash equivalents	14,089	21,324
Accrued interest receivable	5,412	4,840
Other assets	79	65
Deferred financing costs, net	2,560	1,950
Total assets	1,497,484	1,184,497
Liabilities
Credit facility	77,500	0
Repurchase agreement	710,462	548,288
Notes payable	223,762	223,762
Distribution payable	8,138	4,760
Redemption payable	$ 8,541	$ 1,882
Other Liability, Noncurrent, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Incentive fee payable (see Note 9)	$ 378	$ 101
Management fee payable (see Note 9)	5,869	2,794
Accounts payable and accrued expenses	4,633	3,379
Other liabilities	1,079	528
Total Liabilities	1,041,652	786,109
Members' capital
Common units (49,147,532 and 42,420,090 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)	474,888	411,932
Distributions in excess of earnings	(19,056)	(13,544)
Total members' capital	455,832	398,388
Total liabilities and equity	1,497,484	1,184,497
Related Party [Member]
Liabilities
Related party payables and accrued expenses (see Note 9)	$ 1,290	$ 615